The BSE Sensex closed at 84,587.01, down 313.7 points (0.37%), while the NSE Nifty50 ended at 25,884.8, losing 74.7 points (0.29%).
The Nifty Midcap 100 rose 0.36%, while the Nifty Smallcap 100 moved up 0.19%, indicating that investors were still willing to take exposure outside the frontline stocks.
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Impact on the stock market
Sector-wise performance
Sector performance revealed a more detailed story. The standout movers of the day were Nifty Realty, up 1.62%, and Nifty PSU Bank, up 1.44%, both signalling continued interest in domestic themes tied to rate cycles and government-backed financials.
On the flip side, Nifty IT fell 0.57%, hurt by profit-booking and cautiousness ahead of global macro updates. Nifty Media also declined 0.8%, continuing its recent volatile streak.
| Sector/Index | Performance |
| IT & BPM sector | -0.57% |
| Healthcare sector | 0.37% |
| Oil & Gas sector | -0.34% |
| Real estate sector | 1.62% |
| PSU Bank in India | 1.44% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| Hindalco | 789.35 | 1.90 |
| Bharat Electronics | 410.25 | 1.60 |
| SBI | 983.60 | 1.34 |
| Shriram Finance | 838.25 | 1.21 |
| Dr Reddys Labs | 1,236.10 | 0.81 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| Adani Enterprises | 2,332.90 | -2.76 |
| TMPV | 352.45 | -1.63 |
| Trent | 4,243.90 | -1.55 |
| Infosys | 1,530.60 | -1.12 |
| HDFC Bank | 989.80 | -0.94 |
Market aftermath: Impact on stocks
Realty stocks: A revival fuelled by RBI rate-cut hints
One of the strongest narratives today belonged to the real estate sector. After five straight days of losses, Nifty Realty jumped nearly 2%, closing at 902.15, making it the top-performing index of the session.
The trigger was a clear one — RBI Governor Sanjay Malhotra’s comments hinting at possible rate cuts ahead. Lower policy rates typically translate to lower home loan EMIs, which directly boosts housing demand.
The sector rallied across the board:
- Brigade Enterprises surged over 4%
- Anant Raj, Phoenix Mills, Prestige Estates rose around 3%
- Godrej Properties and Sobha gained nearly 2%
- Oberoi Realty, DLF, Lodha also ended higher
Analysts were unanimous: the recent decline was a healthy correction, not a structural weakness. Valuations had run far ahead of fundamentals, and this “reset” was necessary. Experts noted that demand indicators — urban incomes, rental yields, pre-sales momentum — remain robust.
The only concern? Affordability stress in premium pockets and a slower pick-up in the affordable housing segment. Yet, the long-term real estate story remains upbeat heading into FY26.
Spandana Sphoorty: Stock jumps after appointment of new CEO
Microfinance lender Spandana Sphoorty saw strong buying interest, rising up to 5.5% intraday before settling around 3% higher at ₹272.20.
The rally was driven by the announcement of Venkatesh Krishnan — a seasoned ex-HDFC Bank executive — taking over as the new MD and CEO. With 34+ years in financial services and a proven track record in rural banking and financial inclusion, the market welcomed his appointment.
Key highlights of Krishnan’s career:
- Led HDFC Bank’s microfinance business since 2018
- Played a role in HDFC Bank winning the Best Private Bank award (MoRD)
- Held leadership roles at HSBC, IFMR Rural Channels and L&T Insurance
Despite today’s gains, Spandana’s stock is still down over 13% in 2025, making this leadership shift a potential turning point for the company’s next phase of growth.
Pharma stocks: Sector rebounds as Lupin shines after Jefferies upgrade
After three consecutive sessions of declines, Nifty Pharma bounced back, rising 0.74% to nearly 22,660 by midday.
The biggest catalyst:
Lupin, which gained over 2% after Jefferies reiterated its Buy rating with a target of ₹2,300, signalling a 15%+ upside. The brokerage highlighted Lupin’s strong FY26 guidance and the potential of its biosimilars segment as the next major growth engine.
Other notable gainers:
- Glenmark, Dr. Reddy’s, Aurobindo Pharma up nearly 2% each
- Cipla, IPCA, Zydus, Torrent Pharma gained around 1%
In addition, Dr. Reddy’s Laboratories rose over 1% after receiving European Commission approval for AVT03, a biosimilar of Prolia/Xgeva, used for osteoporosis and cancer-related bone complications. This strengthens Dr. Reddy’s biosimilar pipeline in the US and EU markets.
While a few names such as Alkem, Biocon and Wockhardt traded in the red, the broader sentiment in pharma improved meaningfully.
Crude oil: Prices soften as peace deal hopes influence global sentiment
Crude oil was mostly under pressure as markets continued to track developments around the US-proposed Russia–Ukraine peace plan.
Key levels:
- Brent: $62.43 (-0.46%)
- WTI: $58.60 (-0.54%)
- MCX crude (Dec): ₹5,237 (+0.04%)
Traders believe that if peace negotiations progress, it could ease supply disruptions and reduce risk premiums in global oil markets. Analysts from ING noted that while a risk-on sentiment recently pushed Brent up 1.3%, the market is now focused entirely on geopolitical updates.
Natural gas also fell 0.77% on MCX, while agricultural commodities like cottonseed oilcake and jeera showed mixed trends on NCDEX.
Conclusion
Even though headline indices closed lower due to F&O expiry pressure, the day was full of sector-specific action. Realty stocks surged on interest-rate optimism, pharma rebounded on fresh triggers, and Spandana Sphoorty stole the spotlight with a significant leadership overhaul. Meanwhile, crude oil remained sensitive to geopolitical developments, adding another layer to global sentiment.
Overall, it was a day where themes mattered more than the index, and rotational buying kept the broader market stable despite a weak finish for the benchmarks.
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